Learning Centre
Basics5 min read

Renewal vs Refinance — What's the Difference?

Renewing extends your existing mortgage at a new rate. Refinancing rewrites the whole thing — new amount, new amortization, new lender if you want. Choose the right tool.

Written and reviewed by
Mortgage Agent Level 2 · Licence M09000869
Real Mortgage Associates · FSRA #10464
Published: July 10, 2026 · Last reviewed: July 14, 2026

A renewal keeps your mortgage size and amortization roughly the same. You just choose a new term and a new rate. There is no stress test at renewal if you stay with your current lender.

A refinance is a new mortgage. You can borrow more (up to 80% of home value), consolidate high-interest debt, or extend your amortization to lower payments. Refinancing requires a full stress test and re-qualification.

Ready for a personal review of your renewal?

Have Jay Klair — FSRA-licensed mortgage agent — personally review your bank's renewal offer, shop the full A-lender panel, and reply within one business day. Free, no obligation.

Open calculator